At Mortgage Advice, we have been asked a few times since the announcement of the budget what its impact will be on mortgages. So I thought I would give a quick mention to a few of the things we are seeing in the industry. Now some of these things might
At an industry event yesterday a member of the ANZ team said that for above 80% LVR loans the branches get a 25% failure rate as opposed to the broker submitted deals of 9%. The obvious answer is knowledge, experience and knowing which bank has the right policy for you
Australia’s new comprehensive credit reporting regulations came into effect last month, so we thought we’d give you an update on how to keep a good credit history under the new regulations. These new regulation reforms are an amendment to the existing Privacy Act 1988 and affect the kind of credit-related
If you are going through the property buying process for the first time, you may think that conveyancing is just another formality and expense that complicates the purchasing process. In fact, a good Conveyancer simplifies the process for you, explains the (sometimes complicated) legal requirements of buying a property and
Currently We are receiving many questions about what to do in regards to fixing or staying variable. Now while I have my own personal opinions about this I am not actually allowed to advise clients on this. Why you might ask?……… Basically it comes down the fact that I cannot
I thought we should start the new year with a list of the types of home loans/mortgages Variable Rate Loans (Basic & Standard) These two loan types are effectively the same in the way they work. The only differences are in the interest rate charged, and the features available. A
As a mortgage broker this is an interesting topic that comes up often. As every bank has a different way of working out what is an acceptable amount of borrowing for an individual or couple. From a legal perspective under the new(ish) lending guidelines mortgage brokers have to be sure
Here is a simple fact: when you apply for a mortgage most lenders will assess your credit card limit and not the balance. It is generally assessed as the minimum repayment of 3% of the limit per month. So a $10k limit = $300pm assigned to your monthly expenses. This
Why choosing where you live will change your financial outcome. I have always said that money vs lifestyle is a decision. To live in Sydney and Melbourne comes with great advantages and disadvantages. Lifestyle in these cities is amazing, but the percentage of income required to service the loans is
Tomorrow Budget 2021 gets announced and it likely to have implications for borrowers of all sorts. This morning I have seen an article announcing an new scheme similar to the first home loan deposit scheme (FHLDS) for single parents. Recognizing that for many people saving up the deposit is the
NSW looking to change stamp duty !! We might finally free up the buying and selling of property somewhat. Many clients of ours would like to sell and stamp duty is a big consideration in the decision that usually tips an idea from achievable to not. As this cost is
Please see my responses to one of my first home buyers today. Let me know if you have any questions and I will add them to part 2. Q. Because almost everything goes to auction in Melbourne, do we need to (and can we) get unconditional approval, rather than pre-approval?
As restrictions around the country are easing we cautiously optimistic that business will return to a more normal state of affairs. Though for the time being we are still preferring video meetings at this stage. Travel restrictions are also forcing this. Many of the banks have historically low fixed rates
Covid 19 Update: In line with government advice and actions to contain the spread of Covid-19, our team will be taking steps to minimise the risk to our staff, our community and to support our clients. We have now activated our Business Continuity Plan and from Tuesday 17 March we
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